Weekly Agri- Commodities Recap: 22-26/07/24
Jul 29, 2024
The week started with a wheat market in Central and Northern Europe that paused as harvests began in Germany, Poland, Lithuania, and Latvia, with Baltic countries reporting lower protein levels but higher yields. The Black Sea region sold over 1.6 million metric tons of wheat for August and September shipments. Tunisia announced a tender for 100,000 metric tons of animal feed barley, while Jordan issued tenders for 120,000 metric tons each of barley and wheat.
On Tuesday, Baltic countries continued their harvest, showing slightly lower quality wheat with high yields. French wheat quality concerns held Matif steady, and Russian wheat prices remained below $220. Romania’s Constanta port shipped 4.2 million metric tons of Ukrainian grain in the first half of the year, while USDA reported slight declines in US corn condition and stable ratings for soybeans and spring wheat.
On Wednesday, Jordan is reported to have made no acquisitions in its tender for 120,000 metric tons of milling wheat, with a new tender expected soon. Brazil’s soybean exports were projected at 10.43 million tons for July, with corn exports slightly higher at 4.56 million tons. Sovecon raised its wheat crop forecast for 2024 to 84.2 million tons and the total grain crop to 130.5 million tons.
Thursday saw Chicago corn and wheat futures saw marginal gains, while Minneapolis wheat declined due to better spring wheat yields. Barley demand from the Black Sea remained strong, though offers were drying up as the harvest wrapped up. Algeria tendered for barley, influencing the market tone. SovEcon increased wheat and barley harvest projections but lowered the corn forecast.
On Friday, wheat futures dropped while corn remained slightly firmer. Concerns over French wheat quality persisted, potentially impacting MATIF specs. Egypt maintained bread prices despite rising diesel costs. USDA reported weekly export sales, with wheat at 309,300 tons for the current marketing year and corn at 331,400 tons. Overall, futures markets closed lower, with Russia’s wheat crop increasing while France’s suffered.
Weekly Recaps
Commodities
Agri- Commodities:
6-10/1 /25 AGRI
Jan 13, 2025
Monday: Grain markets rebounded from Friday's losses, bolstered by a weaker dollar and pre-USDA report positioning. CBOT-denominated prices gained, though MATIF milling wheat remained an outlier. U.S. weekly export inspections showed mixed results, with wheat exceeding expectations while corn and soybeans remained within range. In Argentina, persistent hot and dry conditions continued to pose risks, while Brazil benefited from favorable weather. Kansas winter wheat conditions declined, adding concerns over the domestic crop.
Freight
Freight Recap:
09/01/25
Dec 12, 2024
The Atlantic market began with initial strength due to limited New Year tonnage, but rates flattened as more vessels entered the region. In the south, oversupply led to discounted rates, and forward fixing remained cautious. Spot vessels maintained premiums, but lack of fresh demand in the north and a long tonnage list saw rates ease, favoring charterers. EC South America faced additional pressure from long ballast lists and sub-index equivalent fixtures for early February.
Commodities
Agri- Commodities:
9-13/12 /24 AGRI
Dec 16, 2024
Monday: US wheat futures began the week on a positive note but struggled to maintain gains as MATIF wheat remained unresponsive. Corn saw slight upward movement, while soybeans softened ahead of Tuesday’s USDA report. The Russian wheat market showed resilience, with FOB prices for 12.5% protein wheat climbing to $228/ton, up $2 from the previous week. Concerns about the poor condition of Russian winter grains were tempered by IKAR analysts suggesting the reality may be less dire. Meanwhile, China’s Politburo announced aggressive economic stimulus measures, signaling a shift in fiscal and monetary policies, but these had minimal impact on grains. U.S. export inspections highlighted weak performance in wheat, with only 227k tons inspected, significantly below the previous week’s 299k tons.
Freight
Freight Recap:
19/12/24
Dec 12, 2024
Panamax transatlantic activity saw a modest boost as charterers sought coverage ahead of the holiday season, but an oversupply of tonnage in the East Mediterranean kept pressure on rates. Fronthaul routes remained lackluster due to weak demand from the Black Sea and continued ballasting toward Gibraltar, leaving the market constrained.
